Joseph L. O'Brien Co. v. Commissioner of Internal Revenue

KALODNER, Circuit Judge.

The petitioner, Joseph L. O’Brien Co., filed this petition to review the decision of the Tax Court 1 which rejected its contention that it was entitled to a dividends-received deduction for 1955 under the provisions of the Internal Revenue Code of 1954. 2

The single issue presented is whether petitioner was the beneficial owner of stock on the record date on which a certain dividend was declared payable under the terms of a contingent contract of sale entered into prior to that date and consummated thereafter.

The facts as stipulated and found by the Tax Court are…